PS24/2 – Strengthening protections for borrowers in financial difficulty: Consumer credit and mortgages.

The requirement of the new rules/requirements are summarized as follows:
> broadening the scope of CONC 7 to make clear to firms that appropriate support should be provided to customers in, or at risk of, payment difficulty;
> enhancing the FCA’s expectations around customer engagement and providing information including on money guidance and debt advice; and
> expecting firms to consider a range of forbearance options and take reasonable steps to ensure arrangements remain appropriate;
> expecting firms to consider the customer’s individual circumstances when providing forbearance;
> introducing guidance to help firms determine their necessary and reasonable costs in setting fees and charges;